Although the Republican-led House voted to extend new tax cuts to small businesses with less than 500 employees yesterday, many pundits are saying that the chances the measure as it is written will pass in the Senate are slim. Viewed as the GOP’s counter proposal to the Democrats’ so-called “Buffett Rule,” which would impose a 30% minimum tax rate on anyone who makes more than a million dollars, the initiative is already prompting the threat of a veto by the White House.
As is true of so many political hot-button issues, the details on this story are unfolding quickly and somewhat complex. For a good up-to-date overview of the current news on this issue, go to: